Is your home value going down in Phoenix? | Phoenix real estate market update

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What's really going on in the Phoenix real estate market right now? In this week's update, I'm breaking down the data so you can make a confident decision, whether you're thinking about buying, selling, or just keeping an eye on your home's value.
This week I cover:
Price trends by price range, and why homes under $1M and over $1M are moving in completely different directions. Spoiler: the luxury market is up while the lower price ranges have softened since 2023.
Seller concessions in Phoenix, now at 53.9%, which is actually higher than the national average. I'll explain what that means for you as a buyer or a seller.
Why contract activity is stronger than the last two years, and what that tells us about buyer demand heading into summer.
Where mortgage rates stand today (6.6%) and why buyers are still moving forward anyway.
The latest Cromford Market Index, demand and supply numbers, and a city-by-city look at which Phoenix areas are leaning buyer, seller, or balanced.
The bottom line: this isn't a crash, and it isn't a frenzy. It's a more balanced market, and understanding the numbers is what helps you make the right move for your situation.

Data sourced from the Cromford Report and ARMLS.